BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Deposit Insurance and Credit Guarantee Company
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Deposit Insurance and Credit Guarantee Corporation
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Direct Insurance and Credit Guarantee Corporation
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Direct Insurance and Credit Guarantee Company
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Detailed explanation-1: -Which banks are insured by the DICGC? Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.
Detailed explanation-2: -The DICGC insures principal and interest upto a maximum amount of ₹ five lakhs. For example, if an individual had an account with a principal amount of 4, 95, 000 plus accrued interest of 4, 000, the total amount insured by the DICGC would be 4, 99, 000.
Detailed explanation-3: -Each depositor in a bank is insured upto a maximum of 5, 00, 000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.